Gold, silver prices fall on March 18.(Photo: Canva)
Gold and silver prices witnessed a sharp decline on Wednesday, March 18, tracking a global sell-off in bullion markets. The fall comes as investors turned cautious ahead of key monetary policy decisions and amid a strengthening US dollar, putting pressure on precious metals.
On the Multi Commodity Exchange (MCX), gold prices dropped significantly by the close of trade. Gold futures fell ₹2,435 to ₹1,53,550 per 10 grams, down from the previous close of ₹1,55,985. Silver also saw a steep decline, slipping ₹3,862 to ₹2,49,251 per kg. The weakness was mirrored in global markets, where gold prices fell below the crucial $5,000 per ounce mark, while silver also traded lower.
Analysts attribute the fall to fading expectations of near-term interest rate cuts by the US Federal Reserve and a stronger dollar. Higher bond yields and profit booking by investors further weighed on bullion. Ongoing geopolitical tensions and rising crude oil prices are also adding to inflation concerns, which could keep interest rates elevated for longer.
Despite the dip, experts suggest that gold continues to find long-term support from central bank buying, global uncertainties, and inflationary pressures. However, volatility is expected to persist in the near term.
Here’s a look at the latest city-wise gold prices:
Delhi, Mumbai, Bengaluru, Chandigarh, Gurugram, Gorakhpur
24K Gold: ₹15,824 per gram
22K Gold: ₹14,506 per gram
18K Gold: ₹11,872 per gram
Chennai
24K Gold: ₹15,981 per gram
22K Gold: ₹14,649 per gram
18K Gold: ₹12,329 per gram
Hyderabad, Bengaluru
24K Gold: ₹15,775 per gram
22K Gold: ₹14,460 per gram
18K Gold: ₹11,831 per gram
For those planning to buy gold, the dip offers a potential opportunity. However, experts advise caution as prices may remain volatile ahead of the US Federal Reserve’s policy outcome. Key support for gold on MCX is seen between ₹1,50,000–₹1,52,000, while resistance is near ₹1,58,000.
Silver, too, remains under pressure as traders avoid fresh positions, awaiting clarity on global economic cues.
Overall, while short-term weakness persists, gold continues to hold its appeal as a hedge against inflation and economic uncertainty, making strategic buying during dips a preferred approach for long-term investors.
Sofia Babu Chacko is a journalist with over five years of experience reporting on Indian politics, crime, human rights, gender issues, and stories about marginalized communities. She believes journalism plays a crucial role in amplifying unheard voices and bringing attention to issues that truly matter. Sofia has contributed articles to The New Indian Express, Youth Ki Awaaz, and Maktoob Media. She is also a recipient of the 2025 Laadli Media Awards for gender sensitivity. Beyond the newsroom, she is a music enthusiast who enjoys singing. Connect with Sofia on X: https://x.com/SBCism
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